Here are 2 benefits to buying a home vs. Renting
1 . THE COST OF RENTING :
Rent prices have skyrocketed by 11.5% in the past year alone, according to data compiled by CoreLogic, a data and analytics company. Vacancy rates are low, and the growth in renter households is high. This means that landlords have greater pricing power when setting rents.
2 . THE COST OF NOT OWNING :
House prices increased by 18.5% last year according to the Federal Housing Finance Agency. The growth in house prices is expected to slow this year, to its long-term average. The average rate of house price appreciation over the past 20 years has been over 3% per year. Here’s what 3% annual house price appreciation could mean depending on your price range:
- $15,000 down payment on a $300,000 house could grow to $62,000 over five-years
- $25,000 down payment on a $500,000 house could grow to $104,000 over five-years
- $45,000 down payment on a $900,000 house could grow to $188,000 over five-years That growth we just illustrated could be money that you would have lost by not owning a home.
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